Shares of the three new additions to the Dow Jones Industrial Average were higher Tuesday, while the three departing members moved lower, a day after S&P Dow Jones Indices announced a shake-up for the 30-member index. Salesforce.com Inc. shares (CRM) rose 1.5%, on the news it will replace energy giant Exxon Mobil inc. (XOM), which was down 0.7%. Amgen Inc. shares (AMGN) rose 3.2%, while Pfizer Inc. (PFE), which Amgen is replacing, was down 1.0%. Honeywell International Inc. shares (HON) rose 3.8%, while Raytheon Technologies Corp. (RTX), which it's replacing, fell 1.3%. The changes will take place Aug. 31 and were prompted by Apple Inc.'s (AAPL) decision to carry out a 4-for-1 stock split, reducing the index's tech-sector weighting. "The announced changes help offset that reduction," S&P Dow Jones said in a statement. "They also help diversify the index by removing overlap between companies of similar scope and adding new types of businesses that better reflect the American economy."
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 25, 2020 09:44 ET (13:44 GMT)
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